The Ukrainian parliament has decided to appoint Serhiy Arbuzov as the governor of the National Bank of Ukraine (NBU). A total of 282 MPs voted for a respective motion that was earlier submitted by Ukrainian President Viktor Yanukovych.
Arbuzov was born in 1976. For six-and-a-half years (until May 19, 2010), he headed the board of Donetsk-based UkrBusinessBank, while on May 20 he was appointed the president of this financial institution. Until May 2010, the bank's supervisory board was headed by current Chairman of the State Tax Administration of Ukraine Oleksandr Papaika.
The government introduced Arbuzov to the supervisory board of state-owned Ukreximbank (Kyiv) under a resolution of May 26, 2010, and in the document his post was listed as an advisor to the board chairman of UkrBusinessBank. In June 2010, he was elected the head of the supervisory board of Ukreximbank, while in September 2010 he was appointed the first deputy governor of the NBU.
In February 2010, the Antimonopoly Committee of Ukraine permitted Arbuzov to purchase more than 50% of the shares of UkrBusinessBank, but as of October 1, 2010, there were no stockholders owning more than 10% of the bank's shares.
In November 2010, Arbuzov's mother, Valentyna Arbuzova, headed the board of small-sized Ukrainian Development Bank (Kyiv). In December 2010, the Ukrainian president's son, Oleksandr Yanukovych, declared his intention to become the direct owner of 100% of the bank's shares, whereas previously he controlled 90% of the bank's shares through Donetsk-based Donsnabtara Ltd.
In early September 2010, Arbuzov replaced Anatoliy Shapovalov as first deputy governor of the National Bank of Ukraine.
In July 2010, the parliament approved amendments to laws concerning the activities of the NBU. According to the new law on the National Bank of Ukraine, the term of office of the NBU head was extended from five to seven years, while the number of NBU board members was reduced from 16 to 11 people. The NBU governor is still appointed and dismissed by the Verkhovna Rada under a motion from the president.
Parliament dismisses Stelmakh as governor of National Bank of Ukraine
The Ukrainian parliament has dismissed Volodymyr Stelmakh as governor of the National Bank of Ukraine. A total of 278 lawmakers voted for such a decision on Thursday. Ukrainian President Viktor Yanukovych earlier tabled a respective motion in parliament.
As reported, Stelmakh headed the National Bank of Ukraine from January 2000 to December 2002 and from December 2004 until present. In 2000, he headed the NBU after former NBU Governor Viktor Yuschenko was appointed Ukraine's prime minister.
In 2003-2004, Stelmakh led the supervisory board of Kyiv-based Brokbusinessbank. In December 2004, he replaced Serhiy Tigipko on the post of the NBU governor.
Stelmakh's five-year term of office as NBU governor ended on December 16, 2009. However, the president earlier did not table a motion in parliament to replace the head of the National Bank of Ukraine, and Stelmakh stayed in office.
Stelmakh has worked in the central bank's system since April 1992 and in the country's banking system since 1962. Stelmakh is an honored economist of Ukraine.
Ukrainian President Viktor Yanukovych has appointed former Governor of the National Bank of Ukraine Volodymyr Stelmakh as his adviser. A respective decree, No.1162/2010, was posted on the official Web site of the head of state on Thursday. Interfax-Ukraine
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